Electrical Fuses Market Racing Towards US$3.09 bn by the end of 2024 At CAGR of 6.0%

An electrical fuse can be defined as a device which is used to
interrupt the flow of current by interrupting the electrical circuit
during the condition of over current caused by short circuit and/or
overload. During over current, the fuse element melts and saves the
circuit as it disconnects the supply from the load. Electrical fuses
are classified under different voltage segments such as low voltage
fuses and high voltage fuses.

North America Electrical Fuses Market: Key Trends

The North America electrical fuses market is likely to witness the
advent of more compact and slimmer electronics with leading players
vying to cater to ever-changing consumer preferences. The development
of the latest technologies and innovation have thus emerged as the
most defining trends in the market. The electrical fuses market in
North America is primarily driven by the rising demand for
electricity and efficient power delivery systems. Besides this,
diverse applications of electrical fuses across various industries
will also fuel demand from the market.

Growth in the North America electrical fuses has been robust,
primarily because the region boasts rapid technological advancements,
economic growth, and a sizeable increase in population. Moreover, the
construction industry in North America has reported considerable
growth in the last few years in response to the increasing spending
on housing infrastructure. This is subsequently boosting sales
opportunities for electrical fuses manufacturers in the region

Bolsted by these factors, the market for electrical fuses in North
America is expected to have a CAGR of 6.0% between 2016 and 2024,
forecasts Transparency Market Research (TMR). As per TMR, the North
America electrical fuses market stood at US$1.84 bn in 2015 and is
expected to reach US$3.09 bn by the end of 2024.

Expansion of Automotive and Construction Sectors in the U.S.Boosts Application of Electrical Fuses

The U.S., Canada, and Mexico make the most lucrative markets for
electrical fuses in North America. Among these nations, the U.S. held
the largest share in the market in 2015. The rising demand for
electrical fuses from the automotive and construction sectors of the
country has catapulted it to the forefront of the North America
electrical fuses market. In the same year, Canada emerged as the
second-largest market for electrical fuses in North America, trailed
by Mexico. The electrical fuses market in the U.S. is poised to reach
US$2,152.0 mn by 2024 from a valuation of US$1,291.6 mn in 2015. The
market is therefore poised to exhibit a CAGR of 5.9% from 2016 to
2024.

Additionally, in countries such as Mexico and the U.S., the
production of vehicles has substantially increased, which has
positively influenced the application of electrical fuses in the
automotive sector.

Construction Industry to Emerge as Leading Application Segment for
Electrical Fuses in North America

As a result of urbanization and industrial development, demand for
electricity and reliable power delivery systems has been persistently
increasing in North America. This has in turn given the sales of
electrical fuses across the automotive and construction sectors a
fillip. Electrical fuses are used across these industries to ensure
safety during electricity transmission and distribution across these
segments.

The construction segment led the North America electrical fuses
market in 2015 in terms of revenue. In that year, the segment
accounted for a dominant share of 40.3% in the market. By volume as
well, the segment led the North America electrical fuses market in
2015, with a share of 45.4%.

Furthermore, the advent of electrical vehicles also provides
considerable opportunities for the market’s growth in North
America. The increasing willingness among consumers to spend on
hybrid and electrical vehicles is likely to bolster the applications
of electrical fuses in EVs and hybrid vehicles.